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BUSINESS
July 30, 2008 | By Maria Panaritis, Inquirer Staff Writer
Most shelves were full yesterday at Boscov's in Plymouth Meeting Mall, but the scene of normalcy concealed the turbulence rattling the region's only surviving family-owned department store chain. The Reading company, in the hunt for a private-equity deal to rescue it from a potential merchandise shortage ahead of the critical fall shopping season, has waded into the kind of troubled waters that pulled California department store Mervyn's L.L.C. into Chapter 11 bankruptcy yesterday.
NEWS
July 11, 2012 | By Thomas Fitzgerald and Andrew Maykuth, Inquirer Staff Writers
Democrats love to bash the private-equity firm Bain Capital and its former chief executive, Mitt Romney, as evil "vulture capitalists" bent on destroying America's middle class and shipping jobs overseas. From the din of the attack ads and the relentless recitation of talking points on cable news in this presidential election year, you might think the party of JFK and FDR had a serious problem with private-equity firms, which specialize in leveraged buyouts of ailing companies.
BUSINESS
July 30, 2008 | By Maria Panaritis INQUIRER STAFF WRITER
Most shelves were full yesterday at Boscov's in Plymouth Meeting Mall, but the scene of normalcy concealed the turbulence rattling the region's only surviving family-owned department store chain. The Reading company, in the hunt for a private-equity deal to rescue it from a potential merchandise shortage ahead of the critical fall shopping season, has waded into the kind of troubled waters that pulled California department store Mervyn's L.L.C. into Chapter 11 bankruptcy yesterday.
BUSINESS
December 12, 2003 | By Todd Mason INQUIRER STAFF WRITER
Hamilton Lane, a Bala Cynwyd pension adviser and money manager, said yesterday that it sold a 40 percent stake in the company to an investment group that includes Bill Gates. The firm, which specializes in private-equity deals - investments other than stocks, bonds and real estate - declined to disclose terms of the transaction. "We're positioning ourselves to grow in an industry that is going through some consolidation," said Leslie A. Brun, the firm's chairman and founder.
BUSINESS
September 25, 2005 | By Joseph N. DiStefano INQUIRER STAFF WRITER
Pennsylvania's state pension systems say their "alternative investments" - private equity, venture capital, and hedge funds - are more profitable than traditional stocks and bonds. But you'd have to take their word for it. Unlike their counterparts in some other big states, the pension plans that invest on behalf of 450,000 current and retired Pennsylvania state employees and teachers don't report how well - or badly - each alternative-investment manager is doing. And the pension systems, controlled by politicians and political appointees, want to make sure it stays that way: Three bills in the General Assembly would guarantee that pension managers could continue withholding that information, and more, by suspending the state Right to Know law. State Rep. Robert W. Godshall (R., Montgomery)
BUSINESS
February 24, 2012 | By Mike Armstrong, Inquirer Staff Writer
To many observers, it seems strange that two investor groups interested in buying Philadelphia Media Network Inc. have been rebuffed in their attempts to submit bids. Philanthropist Raymond Perelman and developer Bart Blatstein have each complained about being denied the chance to make an offer for The Inquirer, the Philadelphia Daily News, and Philly.com. PMN's owners, a group of financial-investment firms led by privately held hedge funds Alden Global Capital and Angelo, Gordon & Co., won't say why. Neither will Evercore Partners Inc., the New York investment bank hired to manage the sale of the parent company of the media properties.
NEWS
January 17, 2012
"No person except a natural born citizen, or a citizen of the United States, at the time of the adoption of this Constitution, shall be eligible to the office of President; neither shall any person be eligible to that office who shall not have attained to the age of thirty-five years" - U.S. Constitution, Article II, Section 1 By John E. Sununu The Constitution may be the foundation of American democracy, but the qualifications...
BUSINESS
July 14, 2008 | By Joseph N. DiStefano, Inquirer Staff Writer
Eric Berg joined SunGard Availability Services, Wayne, as chief executive last year. The subsidiary of SunGard Data Systems helps companies plan for and recover from disasters that stop their computer systems. Sales totaled $1.5 billion last year, about 30 percent of the parent company's total revenue. Question: SunGard considered selling Availability Services three years ago; instead, the whole company was taken private. What happened? Answer: SunGard, Comdisco and IBM used to be the three big competitors in availability services.
BUSINESS
October 17, 2012 | By Joseph N. DiStefano, Inquirer Staff Writer
As boss of a big, publicly traded industrial business, Peter McCausland , executive board chairman and former CEO of Radnor-based Airgas Inc. , has fought off buyout funds and other "private equity" investors trying to make money at his company's expense. He says it is awfully unfair that federal law lets those high-living fund managers pocket their multimillion-dollar fees, subject only to a 15 percent capital-gains tax, instead of the higher income and payroll taxes that Airgas's 14,000-plus employees - managers to truck drivers - have to pay. Early this year, McCausland, a Republican, sent letters decrying unfair, uneven federal taxes to his U.S. senators - Democrat Robert P. Casey and Republican Pat Toomey - among others in Congress.
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ARTICLES BY DATE
BUSINESS
July 1, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
The buyout industry (members prefer we call it "private equity") has an image problem. Americans tend to admire wealth, success, and investor rescues like Carlyle Group 's 2012 buyout of Sunoco 's aging Philadelphia refinery, followed by a taxpayer-assisted makeover that kept hundreds working. But it's less of a crowd-pleaser when billionaire buyout artists like NBA 76ers owner Joshua Harris and his partners, who control Caesars Entertainment Corp. , do crushing things like telling workers last week that they will shutter Atlantic City's Showboat casino-hotel, ending 2,000 jobs.
BUSINESS
March 17, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
Why don't they just hire Vanguard ? The Pennsylvania State Employees' Retirement System thought some explaining was in order. PSERS needed $1.4 billion from state and local property taxpayers last year, and it expects to need $2.7 billion next year, it told legislators in February in its yearly report. That's after paying $552 million to hundreds of private investment firms - more than half the total for private equity, private debt, hedge, venture capital, commodity, and other investments you can't buy from a broker - to keep its assets from sliding farther below its liabilities.
BUSINESS
January 10, 2014 | By Erin E. Arvedlund, Inquirer Columnist
Investing in private equity used to be reserved for the wealthy. Only millionaires who were "accredited" or "qualified" to invest the big bucks had money in private equity - essentially, the One Percenters. Then, some of Wall Street's biggest private equity firms went public, such as Blackstone Group L.P. (symbol: BX), Fortress (FIG) and Kohlberg Kravis & Roberts (KKR). (Bain Capital L.L.C. remains private, but gained fame when partner Mitt Romney ran as a presidential candidate.)
BUSINESS
August 24, 2013 | By Andrew Maykuth, Inquirer Staff Writer
A Dallas, Texas, private-equity firm, Panda Power Funds, is acquiring Moxie Energy's planned Liberty Generating Station in Bradford County, Pa., billed as the first power plant developed to use natural gas from the Marcellus Shale formation. The 829-megawatt plant will produce enough power to supply 1 million homes. Panda will immediately start construction on the 33-acre site in Asylum Township and expects operations to begin by early 2016. The plant will contain twin combined-cycle Siemens gas turbines, manufactured in North Carolina.
BUSINESS
July 24, 2013 | By Erin E. Arvedlund, Inquirer Columnist
Do you have an investment or a start-up business for which you'd like to raise money? Now, to that end, you can advertise your venture - legally - on Twitter and Facebook, on television, even at a sports event. Washington watchdogs have updated the Securities Act of 1933, the law that once barred American businesses from raising money by advertising private deals. The change was part of the Obama White House's proposed JOBS Act, meant to spur small business after the Great Recession.
BUSINESS
March 10, 2013 | By Devin Banerjee and Brooke Sutherland, Bloomberg News
Gardner Denver Inc., an industrial equipment maker with a small headquarters office in Wayne, agreed to be purchased by private-equity firm KKR & Co. for about $3.7 billion after KKR raised an earlier offer. KKR, run by Henry Kravis and George Roberts, will pay $76 a share for Gardner Denver, the companies said Friday in a statement. That's a 39 percent premium to the price on Oct. 24, the day before the company announced it was exploring a sale. KKR last month offered $75 a share, Bloomberg News reported Feb. 21. "The long-term future of Gardner Denver is bright," Pete Stavros, head of KKR's industrials team, said in the statement.
BUSINESS
January 16, 2013 | By Serena Saitto and Jeffrey McCracken, Bloomberg News
Dell Inc., the personal-computer maker that lost almost a third of its value last year, is in buyout talks with private-equity firms, two people with knowledge of the matter said. Dell, based in Round Rock, Texas, is discussing going private with at least two firms, said one of the people, who declined to be identified because the talks are private. The discussions are preliminary and could fall apart because the firms may not be able to line up the needed financing or resolve how to exit the investment in the future, the people said.
NEWS
December 5, 2012 | By Jennifer Lin, Inquirer Staff Writer
TIANJIN, China - Three years ago, Gary Biehn, a partner with White & Williams in Philadelphia, wanted to expand his law firm's reach to this port city in northern China, an economic powerhouse that gets special attention from the country's central planners. The firm already had a business tie to a law firm in Shanghai and saw benefits to connecting with Chinese lawyers here. Biehn reached out to the International Visitors Council of Philadelphia, and a string of calls and connections that played out over the last year culminated in a business agreement signed here Monday under the eye of Mayor Nutter and his Tianjin counterpart, Huang Xingguo.
NEWS
October 18, 2012
By Farah Stockman Last week, my friend Andy, a hedge-fund guru, sent me a memo titled "Three Steps to Fiscal Solvency. " It was based on the premise that if America were a company, it would be in pretty bad shape. We spend far more than we take in. Our liabilities are mounting. Our assets are pretty much flat. Andy got rich thinking outside the box. So I wasn't entirely surprised to see his list of things that Republican presidential candidate Mitt Romney - who made his fortune in private equity - might do to improve America's bottom line.
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